After the listing of Wantai Biotechnology, Nongfu Spring rushed to Hong Kong stocks, and the packaging absorbed over 60% of the gross profit

After the listing of Wantai Biotechnology, Nongfu Spring rushed to Hong Kong stocks, and the packaging absorbed over 60% of the gross profit
There has been a lot of news about Nongfushangquan going public, but it has been repeatedly rejected by the authorities. This time, is it really coming?  On April 29, the Hong Kong Stock Exchange disclosed the prospectus of Nongfushangquan. Earlier, on March 17, the CSRC received the approval documents for the overseas IPO of Nongfushangquan. On March 23, it issued a notice and gave it on April 16.Written feedback.  The profitability is higher than the average level of its peers, and the packaging absorption gross profit rate is more than 60%. Nongfu Mountain Spring was established in 1996 and is a leading enterprise in packaging water and beverages in China.According to the Frost & Sullivan report, from 2012 to 2019, Nongfushangquan maintained the No. 1 market share of packaging absorption in China for eight consecutive years. Based on the retail sales in 2019, Nongfushangquan was in the market of tea beverages, functional beverages and juice beverageThe shares are all in the top three in the Chinese market.  According to the prospectus, from 2017 to 2019, Nongfushangquan’s revenue was 17,491 million yuan, 20,475 million yuan, and 24,021 million yuan; the net profit margin was 19.4%, 17.6%, 20.6%.  According to the Frost & Sullivan report, the profitability of Nongfu Spring is much higher than that of the Chinese soft drink industry during the same period6.9%, 7.1%, 9.6% average profit level and 3.% in the global soft drink industry.9%, 7.6% and 8.The average profit level of 5%.  From 2017 to 2019, the revenue of Nongfushangquan beverage products accounted for 40% and 40% of the total revenue, respectively.1%, 38.4%.  Taking 2019 as an example, the revenues of the four main products of Nongfu Spring: packaging delay, tea beverages, functional beverages, and juice beverages were 14346 million yuan, 3138 million yuan, 3779 million yuan, and 2311 million yuan.The interest rate is 60 in turn.2%, 59.7%, 50.9%, 34.7%.  Democracy has repeatedly been listed and denied many times that Nongfushangquan has been rumored to be listed for many years.  On the website of the Zhejiang Supervision Bureau, the reporter saw the article published in the report on August 28, 2003, which was called “In more than a year, the Hangzhou Special Assignment Office has overcome the difficulties of manpower and heavy tasks.On-site inspections were conducted in a number of companies to be listed, and on-site investigations on restructuring counseling.Completed the counseling survey and evaluation of 31 companies to be listed.A special check was made on the reporting matters of the five companies to be listed.In March 2017, some media said that Nongfushangquan may be listed on the grounds that it is in the list of companies in the jurisdiction of Zhejiang Province to be proposed for listing, and Nongfushangquan is among them.Therefore, Dong Mi’s secretary at Nongfu Mountain Spring responded that “there is no plan to go public.” As for why it appears in the above list, Dong Mi replied “It’s just an old thing.”  In June 2017, in a report from Hexun.com, Zhong Ningshan, chairman and general manager of Nongfushangquan said, “The capital market pays attention to demand and demand, but Nongfushangquan has no demand now, so there is no need to go public.In November 2017, it was reported that Nongfushangquan was going to go back to listing on George White. This news caused George White to raise prices for three consecutive trading days. Finally, George White officially released an announcement to refute the rumor, “There is no actual controller change in the company.Matters . After inquiring with the actual controller of the company, there are no significant matters that should be disclosed but not disclosed about the company, and there are no other major matters involving the planning stage.In 2018, a report released by the official website of the Zhejiang Bureau of the China Securities Regulatory Commission showed that Nongfushangquan is receiving guidance on listing, and the guidance agency is CITIC Securities.The report shows that the first phase of counseling in 2018 has ended. The key points of the next phase of counseling include: first, understand the company’s new project investment progress; second, continue to pay attention to the company’s public opinion; third, further urge the company to acceptCounselors learn about laws and regulations, and keep abreast of matters related to the company’s standardized operations.  On the afternoon of August 6, the same year, the staff of the Nongfu Mountain Springs Media Department told the sauna that Yewang had not received the company’s notice to go public.Later, Dong Mi, the secretary of Nongfu Mountain Spring, said to Sauna and Yewang that “routine counseling and no listing plan”.Dong Mi said that the company has received listing counseling more than ten years ago and has been receiving listing counseling, but has never had a listing plan.  According to why the company is not going to go public but has to pay for listing counseling, Dong Mi responded that the (expense) was not high a few years ago.At the beginning of 2019, the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission released the “CITIC Securities Co., Ltd. Report on Termination of Nongfushangquan Co., Ltd. Counseling Report.”  According to the prospectus, the actual controller of Zhong Ningshan, the actual controller, is Zhong Jizui, and the shareholding ratio is close to 90%.  He has been in the business for over 20 years since he left the journalist industry. Zhong Dizheng has been called the “lone wolf” by the outside world.  According to public information, before the founding of Nongfushangquan, Zhong Zuidi established the Yangshengtang in 1993, which started the brand of Yangshengtang Turtle Pills and Duoer Capsules.  In addition to the health care industry and the beverage industry, Zhong Dizhen also dabbled in the pharmaceutical industry.The data shows that Zhong Dizhen is the chairman of Beijing Wantai Biopharmaceutical Co., Ltd.Beijing Wantai Biology has a wholly-owned subsidiary called Xiamen Wantai Canghaihai Biotechnology Co., Ltd., and Zhong Zuidi serves as a director of this company.  By the end of 2017, Yangshengtang and Nongfushangquan had officially entered the cosmetics industry; in July 2018, the CDE Drug Evaluation Center CDE issued the 30th batch of the proposed priority evaluation procedures for drug registration applications, involving16 products, including recombinant human papillomavirus type 16/18 bivalent vaccine (Escherichia coli), the applicant companies are Xiamen Wantai Canghai, Xiamen University and Beijing Wantai Biology.  It is worth mentioning that Wantai Bio was listed on the A shares on April 29.  As the actual controller of Wantai Biology, Zhong Zuidi directly holds Wantai 7880.05.18 million shares, accounting for 20 of the total share capital of Wantai Bio before it was issued.2053% of the shares, and indirectly holds Wantai Bio 63 through Yangshengtang.3526% of the shares.  On April 30, Wantai Bio currently has a sustainable value of 13.86 yuan / share, a single-day increase of 10%, the total market ranking of listed companies ranked 60.100 million yuan.Reporter Yan Xia editor Sun Yong proofreads Wei Zhuo